Credit Card UPI: Good news for credit card users .. Payment through UPI soon

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UPI Payment Through Credit Card: Good news for the State Credit Card users of India. Soon RuPay card will be integrated with Unified Payments Interface (UPI) payments. This can prove to be a game changer in credit card usage. Currently, SBI is the leader in issuing RuPay cards. RuPay cards account for 11 per cent of SBI’s portfolio. Experts predict that if payments are linked to UPI, it will become a sensation.

On the occasion of 25th anniversary of SBI Card, CEO and MD Rammohan Rao Amara said that the work of linking Bank Rupay card and UPI will be completed soon. SBI Card is the largest Rupay card issuer in the country. It also has co-branded cards with IRCTC and BPCL. He added that he expects large credit card transactions on UPI to be more profitable than losses from small volumes of UPI transactions. As far as merchant transactions are concerned, he said that currently people are using UPI transactions for small amount payments and credit cards for large amount transactions.

He said that this trend will change if credit cards are integrated with UPI. It is then told that a large amount of transactions will also be done through UPI. He said that the exemption in merchant fees is only for transactions below Rs 2,000. He said that the growth of SBI Card is more impressive than that of the entire industry. The card industry has issued 8.5 crore new cards with a growth rate of 18 per cent. But SBI Cards alone has issued 1.17 crore new cards with a CAGR growth of 22 per cent. Similarly, SBI Card is at the top in terms of expenses. We’ve seen a 28 percent increase in spend, which is higher than 26 percent for the industry.